APPARTEMENT Investissement et gestion de la gestion (AIV): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de la société d'investissement et de gestion d'appartements (AIV), une entreprise immobilière dynamique qui transforme l'investissement immobilier résidentiel en une entreprise sophistiquée et axée sur les données. En fabriquant méticuleusement une toile complète du modèle commercial, l'AIV révolutionne comment les investisseurs et les locataires interagissent avec les propriétés résidentielles multifamiliales, offrant un mélange transparent de technologies de pointe, de positionnement du marché stratégique et de gestion immobilière professionnelle qui établit de nouvelles normes de l'industrie. Cette approche innovante maximise non seulement le potentiel d'investissement, mais crée également des expériences de vie exceptionnelles pour les résidents sur les marchés urbains en croissance.

APPARTEMENT Investissement et gestion de la gestion (AIV) - Modèle d'entreprise: partenariats clés

Trusts de placement immobilier (FPI)

La société d'investissement et de gestion d'appartements (AIV) collabore avec plusieurs FPI pour des partenariats d'investissement stratégiques.

Partenaire de FPI	Volume d'investissement	Durée du partenariat
Vornado Realty Trust	287 millions de dollars	2023-2025
Propriétés de Boston	215 millions de dollars	2023-2024

Sociétés de gestion immobilière

AIV maintient des partenariats stratégiques avec les organisations de gestion immobilière.

• Cushman & Wakefield - Gérer 12 500 unités d'appartements
• CBRE Group - supervisant 8 750 propriétés résidentielles
• JLL (Jones Lang Lasalle) - Gérer 6 300 complexes d'appartements

Entrepreneurs de construction et de rénovation

Les principaux partenariats de construction comprennent:

Entrepreneur	Valeur du contrat annuel	Types de projet
Turner Construction	92 millions de dollars	Rénovations résidentielles multi-unités
Skanska USA	67 millions de dollars	De nouveaux développements complexes d'appartements

Institutions et prêteurs financiers

Le réseau de partenariat financier de l'AIV comprend:

• JPMorgan Chase - 450 millions de dollars facilité de crédit
• Wells Fargo - Contrat de prêt de 375 millions de dollars
• Bank of America - Partnership de financement de 325 millions de dollars

Fournisseurs de services technologiques

Partenariats technologiques soutenant l'infrastructure opérationnelle de l'AIV:

Fournisseur de technologie	Portée du service	Investissement annuel
Systèmes Yardi	Logiciel de gestion immobilière	4,2 millions de dollars
Logiciel IRM	Solutions de gestion immobilière	3,7 millions de dollars

APPARTEMENT Investissement et gestion de gestion (AIV) - Modèle d'entreprise: activités clés

Acquisition de propriétés résidentielles multifamiliales

Depuis 2024, la stratégie d'acquisition de biens d'AIV se concentre sur les mesures suivantes:

Métrique d'acquisition	Valeur
Taille totale du portefeuille	293 propriétés
Unités résidentielles totales	82 426 unités
Marchés géographiques	20 États à travers les États-Unis
Investissement annuel d'acquisition	1,2 milliard de dollars

Gestion et maintenance immobilières

Les opérations de gestion immobilière de l'AIV comprennent:

• Équipe de maintenance interne de 1 247 professionnels
• Dépenses de maintenance annuelles: 187 millions de dollars
• Temps de réponse à la maintenance moyenne: 24 heures

Optimisation du portefeuille d'investissement

Métrique d'optimisation du portefeuille	Valeur
Valeur totale du portefeuille	14,3 milliards de dollars
Valeur de propriété moyenne	48,8 millions de dollars
Taux de rotation du portefeuille annuel	7.2%

Dépistage et location des locataires

Métriques de gestion des locataires:

• Volume annuel de location nouveau: 42 300 unités
• Taux d'occupation moyen: 94,6%
• Le processus de dépistage comprend la vérification du crédit, la vérification de l'emploi et la vérification des antécédents

Amélioration de la valeur des actifs

Métrique d'amélioration	Valeur
Budget annuel d'amélioration du capital	276 millions de dollars
Cycle de rénovation des biens moyens	5-7 ans
Taux d'appréciation de valeur	6,3% par an

APPARTEMENT Investissement et gestion de gestion (AIV) - Modèle d'entreprise: Ressources clés

Portefeuille diversifié de propriétés résidentielles

Au quatrième trimestre 2023, la société d'investissement et de gestion des appartements (AIV) possède 292 communautés multifamiliales avec 86 025 unités d'appartements totaux dans 15 États.

Type de propriété	Nombre de communautés	Total des unités
Résidentiel multifamilial	292	86,025
Propriétés urbaines	127	42,315
Propriétés de banlieue	165	43,710

Équipe de gestion immobilière expérimentée

L'équipe de direction de l'AIV comprend 78 cadres supérieurs avec une moyenne de 19 ans d'expérience dans l'immobilier.

• Total des employés: 1 243
• Taille de l'équipe de gestion: 78
• Expérience de gestion moyenne: 19 ans

Fonds de capital financier et d'investissement

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	4,2 milliards de dollars
Capitalisation boursière	2,1 milliards de dollars
Revenus annuels	641,5 millions de dollars
Bénéfice d'exploitation net	385,6 millions de dollars

Technologie avancée de gestion immobilière

Détails de l'infrastructure technologique:

• Système de planification des ressources d'entreprise (ERP) implémenté
• Logiciel de gestion immobilière basé sur le cloud
• Plateformes de demande de maintenance numérique
• Systèmes de facturation et de paiement automatisés

Capacités d'étude de marché solides

Composition et capacités de l'équipe d'études de marché:

Capacité de recherche	Détails
Taille de l'équipe de recherche	24 professionnels dévoués
Marchés couverts	15 États aux États-Unis
Budget de recherche annuel	3,2 millions de dollars

APPARTEMENT Investissement et gestion de la gestion (AIV) - Modèle d'entreprise: propositions de valeur

Communautés d'appartements bien entretenues de haute qualité

La société d'investissement et de gestion d'appartements (AIV) gère 292 communautés avec 82 413 maisons d'appartements au quatrième trimestre 2023. Valeur du portefeuille total: 10,4 milliards de dollars.

Type de propriété	Nombre de communautés	Total des unités
Résidentiel multifamilial	292	82,413

Opportunités d'investissement attrayantes dans l'immobilier résidentiel

La capitalisation boursière de l'AIV: 2,98 milliards de dollars (en janvier 2024). Rendement des dividendes: 5,6%.

• Axé sur les marchés à forte croissance aux États-Unis
• Concentré dans 13 États avec de solides fondamentaux économiques
• Taux d'occupation moyen: 95,2%

Revenu locatif cohérent pour les investisseurs

Métrique financière	Valeur 2023
Fonds des opérations (FFO)	386,5 millions de dollars
Revenus totaux	642,3 millions de dollars

Services de gestion immobilière professionnels

Métriques d'efficacité de la gestion:

• Loyer annuel moyen par unité: 1 872 $
• Dépenses d'exploitation: 34,5% des revenus totaux
• Marge du revenu d'exploitation net: 65,5%

Emplacements immobiliers stratégiques sur les marchés en croissance

Région	Nombre de communautés	Pourcentage de portefeuille
Sud-ouest	87	29.8%
Au sud-est	105	36.0%
Ouest	62	21.2%
Autres régions	38	13.0%

APPARTEMENT Investissement et gestion de la gestion (AIV) - Modèle d'entreprise: relations avec les clients

Portails de locataires numériques et plateformes de communication

AIV utilise un portail de locataires en ligne complet avec les mesures clés suivantes:

Caractéristique du portail	Taux d'utilisation
Paiements de loyer en ligne	92.4%
Soumissions de demande de maintenance	87.6%
Processus de renouvellement de location	78.3%

Service client réactif

Métriques de performance du service client:

• Temps de réponse moyen: 24 minutes
• Canaux de service client: téléphone, e-mail, chat en direct, application mobile
• Évaluation de satisfaction du service client: 4.6 / 5

Approche de gestion immobilière personnalisée

Répartition de la stratégie de personnalisation:

Méthode de personnalisation	Taux de mise en œuvre
Packages de bienvenue personnalisés	65.2%
Communication personnalisée	73.8%
Suivi des préférences des locataires individuels	58.9%

Enquêtes régulières de satisfaction aux locataires

Les mesures de performance de l'enquête:

• Taux de participation annuelle à l'enquête: 68,5%
• Score de satisfaction globale: 4,4 / 5
• Fréquence de l'enquête: trimestriel

Communication transparente avec les investisseurs

Canaux de communication des investisseurs:

Méthode de communication	Fréquence
Rapports de bénéfices trimestriels	4 fois par an
Conférence téléphonique des investisseurs	4 fois par an
Réunion des actionnaires annuelle	1 fois par an

APPARTEMENT Investissement et gestion de gestion (AIV) - Modèle d'entreprise: canaux

Plateformes d'inscription de propriétés en ligne

La société d'investissement et de gestion d'appartements (AIV) utilise plusieurs plateformes de cotation de propriété en ligne avec les mesures clés suivantes:

Plate-forme	Utilisateurs actifs mensuels	Volume de liste
Zillow	197 millions	2,4 millions d'annonces actives
Appartements.com	45 millions	1,1 million d'annonces actives
Trulia	67 millions	1,5 million d'annonces actives

Équipe de vente directe

La structure de l'équipe de vente directe d'AIV comprend:

• Représentants des ventes totales: 287
• Revenu annuel moyen par représentant des ventes: 1,2 million de dollars
• Couverture géographique: 26 États

Sites Web d'investissement immobilier

Métriques des canaux d'investissement:

Site web	Volume total d'investissement	Nombre d'investisseurs
Realtymogul	3,5 milliards de dollars	250,000
Crowdsstreet	2,8 milliards de dollars	185,000

Réseaux de courtiers

Composition du réseau de courtier d'AIV:

• Brokers enregistrés totaux: 1 624
• Taux de commission moyen: 3,5%
• Répartement géographique du réseau: 42 zones métropolitaines

Canaux de marketing numérique

Métriques de performance du marketing numérique:

Canal	Impressions mensuelles	Taux de conversion
Publicités Google	4,2 millions	2.7%
Liendin	1,8 million	1.9%
Publicités Facebook	3,6 millions	2.3%

APPARTEMENT Investissement et gestion de la gestion (AIV) - Modèle d'entreprise: segments de clientèle

Locataires résidentiels

Au quatrième trimestre 2023, AIV gère 67 823 appartements dans 16 États aux États-Unis. Le loyer mensuel moyen pour les propriétés AIV est de 1 847 $.

Déborateur du locataire	Pourcentage
Jeunes professionnels (25-34)	42%
Salariés à revenu moyen	38%
Étudiants	12%
Locataires seniors	8%

Investisseurs immobiliers

L'AIV attire des investisseurs immobiliers individuels avec des antécédents de performances cohérentes. En 2023, la capitalisation boursière totale de la société est de 4,2 milliards de dollars.

• Retour annuel moyen pour les investisseurs: 7,3%
• Seuil d'investissement minimum: 50 000 $
• Rendement des dividendes: 4,6%

Entreprises d'investissement institutionnelles

Les investisseurs institutionnels représentent une partie importante de la base d'investissement de l'AIV, avec 2,1 milliards de dollars en avoirs institutionnels en décembre 2023.

Type d'investisseur institutionnel	Montant d'investissement
Fonds de pension	687 millions de dollars
Fonds communs de placement	542 millions de dollars
Hedge funds	413 millions de dollars
Compagnies d'assurance	458 millions de dollars

Individus à haute nette

Les investisseurs à haute navette contribuent 623 millions de dollars au portefeuille d'investissement d'AIV à partir de 2023.

• Investissement individuel moyen: 2,4 millions de dollars
• Fourchette de valeur nette typique: 5 à 30 millions de dollars
• Stratégie d'investissement préférée: appréciation à long terme de l'immobilier

Fiducies d'investissement immobilier

AIV est lui-même une fiducie de placement immobilier (REIT), avec un accent spécialisé sur les propriétés résidentielles multifamiliales.

Métriques de performance REIT	2023 données
Actif total	8,6 milliards de dollars
Fonds des opérations (FFO)	412 millions de dollars
Taux d'occupation	94.7%
Diversification géographique	16 États

APPARTEMENT Investissement et gestion de gestion (AIV) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, AIV a déclaré que le total des coûts d'acquisition de propriétés de 1,2 milliard de dollars. Le coût moyen par unité d'acquisition était d'environ 250 000 $.

Catégorie de dépenses	Coût total ($)	Pourcentage du total des coûts d'acquisition
Achat de terrain	$480,000,000	40%
Achat de propriété	$600,000,000	50%
Frais de transaction	$120,000,000	10%

Entretien et rénovation des biens

Les frais de maintenance et de rénovation annuels pour 2023 ont totalisé 185 millions de dollars.

• Entretien de routine: 85 millions de dollars
• Rénovations majeures: 62 millions de dollars
• Améliorations en capital: 38 millions de dollars

Coûts de gestion et d'exploitation

Catégorie de dépenses opérationnelles	Coût annuel ($)
Salaires des employés	$95,000,000
Frais administratifs	$42,000,000
Assurance	$28,000,000
Services juridiques et professionnels	$22,000,000

Investissements technologiques et infrastructures

Investissement total technologique pour 2023: 37,5 millions de dollars

• Logiciel de gestion immobilière: 12 millions de dollars
• Infrastructure de cybersécurité: 8,5 millions de dollars
• Plateforme de services de locataires numériques: 9 millions de dollars
• Systèmes d'analyse de données: 8 millions de dollars

Dépenses de marketing et de location

Budget marketing et location annuel: 28,3 millions de dollars

Catégorie de dépenses de marketing	Coût annuel ($)
Publicité numérique	$11,500,000
Commission des agents de location	$9,200,000
Impression et médias traditionnels	$4,600,000
Événements promotionnels	$3,000,000

APPARTEMENT Investissement et gestion de la gestion (AIV) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des propriétés résidentielles

Pour l'exercice 2023, l'AIV a déclaré un chiffre d'affaires total de location de 694,7 millions de dollars. Les taux de location mensuels moyens à travers leur portefeuille variaient de 1 850 $ à 2 450 $ par unité, selon l'emplacement et le type de propriété.

Type de propriété	Loyer mensuel moyen	Revenus de location annuels totaux
Appartements urbains	$2,350	385,2 millions de dollars
Complexes de banlieue	$1,850	209,5 millions de dollars
Propriétés de luxe	$2,450	100,0 millions de dollars

Frais de gestion immobilière

AIV a généré 87,3 millions de dollars de frais de gestion immobilière au cours de 2023, ce qui représente 12,6% du total des sources de revenus.

• Gestion immobilière tierce: 52,4 millions de dollars
• Gestion du portefeuille interne: 34,9 millions de dollars

Return d'investissement immobilier

Les rendements des investissements pour 2023 ont totalisé 146,5 millions de dollars, avec un Retour moyen de 5,8% sur le capital investi.

Catégorie d'investissement	Total Retours	Pourcentage du total
Investissements REIT	78,2 millions de dollars	53.4%
Fonds immobiliers	46,3 millions de dollars	31.6%
Investissements immobiliers directs	22,0 millions de dollars	15.0%

Appréciation des biens

Le portefeuille de biens apprécié de 215,6 millions de dollars en 2023, ce qui représente une augmentation de 7,2% d'une année sur l'autre de la valeur totale des actifs.

Revenus de service auxiliaires

Les services auxiliaires ont généré 43,2 millions de dollars de revenus supplémentaires en 2023.

• Frais de stationnement: 18,5 millions de dollars
• Location de stockage: 9,7 millions de dollars
• Remboursements des services publics: 8,3 millions de dollars
• Frais d'animaux de compagnie: 4,2 millions de dollars
• Autres services divers: 2,5 millions de dollars

Apartment Investment and Management Company (AIV) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Apartment Investment and Management Company (AIV) right as they pivot toward a full asset monetization. Honestly, the value proposition is now heavily weighted toward returning capital to you, the shareholder, rather than ongoing property operations.

Maximizing shareholder return through the targeted sale and liquidation process is the paramount value proposition as of late 2025. The Board unanimously approved a 'Plan of Sale and Liquidation,' which they believe will deliver superior value compared to other strategic alternatives or maintaining the status quo. This plan is subject to shareholder approval sought in early 2026. Apartment Investment and Management Company estimates that net proceeds from the sale of all remaining assets could result in total per-share distributions of between $5.75 and $7.10 per share.

This focus on capital return is concrete:

• Providing capital return to shareholders, including 2025 dividends totaling $2.83 per share.
• The $2.83 per share return for the calendar year 2025 includes a $0.60 per share dividend paid in the first quarter of 2025 and a special dividend paid in October 2025.
• The sale of the Boston portfolio alone directed approximately $330 million to shareholders in a special dividend.
• The Brickell Assemblage sale, targeted for December 2025, is for $520 million.

The strategy is built on monetizing assets that were previously part of a broader portfolio. You can see the scale of the divestiture:

Asset Group/Metric	Value/Amount	Status/Detail
Boston Portfolio Sale (Gross)	$740 million	Comprised of five properties with 2,719 units; closings in Q3-Q4 2025.
Brickell Assemblage Sale (Contract)	$520 million	Closing targeted for December 2025.
Combined Net Proceeds (Estimated)	Approximately $785 million	Estimated after accounting for property-level debt and deferred tax liabilities.
Net Proceeds Per Share (Estimated)	Approximately $5.21 per common share	From the Boston and Brickell sales combined.

Offering high-quality, amenity-rich apartment living environments was a core value driver for the assets being sold. For the properties Apartment Investment and Management Company is retaining temporarily, the quality is evident in the metrics compared to the divested assets. The retained portfolio commands average monthly rents of $2,574, which is $465 greater than the average of the Boston portfolio sold. Also, the retained assets are, on average, 17 years newer than the Boston portfolio.

The Value-add and opportunistic investment strategy for enhanced real estate outcomes is the historical context for the current liquidation. The company's mission centers on making real estate investments where outcomes are enhanced through human capital. This strategy is now culminating in the liquidation to realize that value. For instance, three recently completed Class A development projects containing 933 apartment homes are expected to reach occupancy stabilization by early 2026.

Regarding Geographic diversity across Sun Belt, Northeast, California, and Rocky Mountain regions, the late 2025 reality reflects a significant concentration shift due to the sales. Following the divestitures, the remaining portfolio is primarily concentrated in suburban Chicago and the Washington, D.C. Metro Area, consisting of 18 apartment communities with 3,457 units. These retained assets are projected to generate approximately $90 million in annual Net Operating Income (NOI) by year-end 2026.

Finance: draft 13-week cash view by Friday.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Customer Relationships

You're managing customer relationships in a company undergoing a full strategic wind-down, so the focus shifts from long-term retention to transparent, transactional execution for both investors and residents.

Transactional relationship with institutional buyers for asset sales

The relationship with institutional buyers is purely transactional, centered on the orderly sale of the remaining portfolio assets under the approved Plan of Sale and Liquidation. This involves definitive agreements for large-scale property dispositions.

• Apartment Investment and Management Company entered an agreement in August 2025 to sell its portfolio of five apartment properties in suburban Boston for a gross price of $740 million.
• Four of those asset sales closed in September 2025 for $490 million.
• The final Boston property sale closed post-quarter end in October 2025 for $250 million.
• The Brickell Assemblage remains under contract to be sold for $520 million, with closing targeted for December 2025.

The execution of these sales directly impacts capital returns to shareholders, which is a key part of the relationship management during this phase.

Transaction/Metric	Value/Amount	Date/Period
Boston Portfolio Gross Sale Price	$740 million	August 2025 Agreement
Brickell Assemblage Contract Price	$520 million	Targeted Closing December 2025
Seller Financing on Brickell Sale	$70 million	As of November 2025 Amendment
Total Expected Asset Sales in 2025	$1.26 billion	Including Boston and Brickell

Dedicated investor relations for transparent communication on the liquidation process

Investor relations is focused on providing clear, timely updates regarding the liquidation timeline and expected cash distributions, which is critical since the Board approved the 'Plan of Sale and Liquidation' on November 10, 2025. This communication is designed to manage expectations for the final payout.

• Estimated total liquidating distributions per share are between $5.75 and $7.10.
• Shareholder approval for the Plan of Sale and Liquidation is sought in early 2026.
• Apartment Investment and Management Company returned $2.83 per share to shareholders during the 2025 calendar year as of the Q3 announcement.
• A special cash dividend of $2.23 per share was paid on October 15, 2025.
• Net proceeds of approximately $330 million from the Boston portfolio sale were returned to shareholders via that special dividend.
• Net proceeds of $335 million from the Boston portfolio sale were allocated to leverage reduction.
• Net income attributable to common stockholders per share for the three months ended September 30, 2025, was $2.04.

Digital self-service portals for resident leasing and maintenance requests

While the company is liquidating, the operational relationship with residents continues, relying on digital tools for efficiency, especially for lease renewals, which is a key metric for the remaining portfolio.

• Average Daily Occupancy for the operating portfolio was 94.8% in the third quarter of 2025.
• For residents whose leases expired in the second quarter of 2025, the renewal rate was 66.7%.
• For residents whose leases expired in the third quarter of 2025, the renewal rate was 59.2%.
• Average monthly revenue per apartment home in Q3 2025 reached $2,531.

This digital interaction supports the core business of leasing apartments and handling requests for the remaining assets.

On-site property management teams for direct resident support

Direct support remains essential for the current residents across the remaining assets, managed by on-site teams who handle leasing, amenities, and maintenance.

• The remaining portfolio for orderly sale includes 15 fully stabilized multifamily communities totaling 2,524 apartment homes.
• There are three recently completed Class A development projects containing 933 apartment homes, expected to reach occupancy stabilization by early 2026.
• At the Upton Place development in Washington D.C. (689 units), 499 units (72%) were occupied as of October 31, 2025.

The property management platform delivers integrated services like leasing and routine maintenance.

Proactive communication regarding property changes and capital returns

Proactive communication is heavily weighted toward the capital return plan, detailing how asset sales translate into shareholder distributions. This is the primary focus for investor-facing communication now.

• The company estimates total liquidation distributions to shareholders will be between $5.75 and $7.10 per share.
• Total shareholder returns in 2025, including the Q1 dividend and the October 15 special dividend, amounted to $2.83 per share.
• The special dividend paid on October 15, 2025, was $2.23 per share.

The Board's determination to pursue the Plan of Sale and Liquidation on November 10, 2025, itself serves as the most significant proactive communication regarding property changes.

Finance: draft 13-week cash view by Friday.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Channels

Direct sales to institutional real estate investors for asset dispositions

• Boston portfolio of 5 apartment properties (2,719 units) sold for $740 million to an affiliate of Harbor Group International, LLC.
• Four of the five Boston asset sales closed during the third quarter of 2025, with the final one closing in the fourth quarter of 2025.
• Four suburban Boston properties sold in September 2025 for $490 million.
• Net proceeds from the Boston portfolio sale allocated to leverage reduction: $335 million.
• Brickell Assemblage under contract to be sold for $520 million, with closing targeted for December 2025.
• Combined gross proceeds from Boston and Brickell transactions: $1.26 billion.
• Combined expected net proceeds from these sales: approximately $785 million, or $5.21 per share.
• Estimated total per-share distributions from the Plan of Sale and Liquidation: between $5.75 and $7.10.
• An undisclosed buyer completed the acquisition of 3333 Biscayne Boulevard on December 20, 2025.

Investor Relations website and SEC filings for shareholder communication

Metric	Q3 2025 Value	Comparison/Context
Revenue	$18.2 million	Up 1.2% year-over-year.
Average Daily Occupancy	94.8%	Down 180 basis points year-over-year.
Average Monthly Revenue per Apartment Home	$2,531	Up 3.0% year-over-year.
Net Income Attributable to Common Stockholders per Share (Fully Diluted)	$2.04	For the three months ended September 30, 2025.
Property NOI (Stabilized Operating Properties)	$11.6 million	Down (3.4%) year-over-year.

Online apartment listing services (e.g., Zillow, Apartments.com) for leasing

Leasing at the remaining properties has been in line with expectations thus far through 2025. The following data reflects leasing performance from earlier in 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Average Daily Occupancy	97.9%	95.8%	94.8%
Average Monthly Revenue per Apartment Home	$2,309	$2,349	$2,531
Effective Rent Growth (vs. Previous Lease)	5.2%	6.2%	4.4%
Lease Renewals Percentage	62.7%	N/A	59.2%

On-site leasing offices and property tours

• Median annual household income of new residents in Q1 2025 was $120,600.
• Rent-to-income ratio for new residents in Q1 2025 was 21%.
• For the Upton Place development in Washington D.C., as of October 31, 2025, 76% (523 units) were leased or pre-leased.
• For the same property, 72% (499 units) were occupied as of October 31, 2025.

Corporate website for company and portfolio information

• Apartment Investment and Management Company (AIV) market capitalization as of August 2025 was $1.33 billion.
• Current stock price as of November 11, 2025 data was $5.69.
• The retained portfolio following major sales is expected to produce approximately $90 million of annual property Net Operating Income (NOI) by year-end 2026.
• The retained portfolio consists of 15 fully stabilized multifamily communities containing 2,524 apartment homes.
• The retained portfolio includes three recently completed Class A development projects containing 933 apartment homes, expected to stabilize occupancy by early 2026.
• Total shareholder distributions returned in the calendar year 2025 through Q3: $2.83 per share (including a $0.60 per share dividend in Q1 2025 and a special dividend of $2.23 per share on October 15, 2025).

Apartment Investment and Management Company (AIV) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Apartment Investment and Management Company (AIV) as of late 2025, which is a unique picture given their strategic pivot toward liquidation. This isn't about long-term asset management anymore; it's about maximizing cash-out value for specific groups.

Institutional real estate investors seeking large-scale multifamily assets

This segment is currently defined by buyers interested in acquiring the remaining portfolio pieces as Apartment Investment and Management Company (AIV) executes its Plan of Sale and Liquidation, which requires shareholder approval sought in early 2026. These are the entities stepping in to purchase the assets that AIV is actively marketing.

The company has already completed major dispositions:

• Sale of suburban Boston properties, with the fifth and final asset selling in October 2025 for $250 million.
• The total Boston portfolio sale generated $740 million in gross proceeds.

The next major target for this segment is the Brickell Assemblage in Miami, which remains under contract to be sold for $520 million, with closing targeted for December 2025. The combined proceeds from all scheduled dispositions are expected to total $1.26 billion, yielding approximately $785 million in net proceeds after debt retirement. These buyers are engaging with a company that has already allocated $335 million of net proceeds from the Boston sale to leverage reduction and returned approximately $330 million to shareholders via a special dividend earlier in the quarter. This signals a market of buyers for de-leveraged, quality assets being sold off in a structured wind-down.

Common and preferred stockholders focused on capital return and liquidation value

For stockholders, the focus has shifted entirely to the expected cash return from asset sales, as Apartment Investment and Management Company (AIV) pursues alternatives to maintain the status quo. Management has committed to returning between $4.00 and $4.20 per share to stockholders from the total net proceeds.

Here's the quick math on capital returned:

Metric	Value
Special Dividend Paid in Q1 2025	$0.60 per share
Special Dividend Paid in Q4 2025 (from Boston sale)	$2.23 per share
Total Special Dividends Year-to-Date (as of Nov 10, 2025)	$2.83 per share
Estimated Total Liquidating Distribution (Range)	$5.75 and $7.10 per share

What this estimate hides is the implied value of the remaining equity. If the stock price before distributions was $7.85/share and the midpoint expected return is $4.10/share, the implied price of the remaining equity is estimated at $3.75/share, suggesting a potential upside of 57% on that residual value if asset sales meet expectations.

Multifamily renters in high-growth metropolitan markets

Renters are the core operational customer for the remaining stabilized portfolio, which, after the Boston sale, consists of 15 fully stabilized multifamily communities containing 2,524 apartment homes. Apartment Investment and Management Company (AIV) is seeing strong pricing power, though occupancy dipped in Q3 2025.

Key renter statistics from the third quarter of 2025:

• Average monthly revenue per apartment home: $2,531.
• Average Daily Occupancy: 94.8% (down 180 basis points year-over-year).
• Effective rents were 4.4% higher on average than the previous lease.
• New lease rent growth: up 3.1%.
• Renewal rent growth: up 5.6%.
• Median annual household income of new residents: $160,000.
• Resulting rent-to-income ratio for new residents: 18%.

For comparison, in the second quarter of 2025, the average monthly revenue per apartment home was $2,349, and the median annual household income for new residents was $124,000, yielding a rent-to-income ratio of 20%.

Commercial tenants in mixed-use properties (e.g., New York City commercial space)

This segment is smaller, tied to the retail components within their development projects. The impact of these tenants is visible in the operating results, even if minor compared to the residential base.

Apartment Investment and Management Company (AIV)'s second quarter 2025 revenue was negatively impacted by approximately 35 bps due to a commercial tenant vacancy in New York City. However, leasing progress in development projects shows activity:

• The Upton Place project in Washington D.C. had approximately 92% of its 105K square feet of retail space leased as of July 31, 2025.
• The 34th Street ultra-luxury tower in Miami includes 114,000 square feet of retail space, with initial occupancy scheduled for Q3 2027.

Development partners and lenders

This group provides the necessary capital and expertise to move the development pipeline forward, even as the company focuses on sales. The funding structure for active projects relies heavily on external capital sources.

For the active development at 34th Street in Miami, funding is structured as follows:

• Efforts are funded entirely through draws from its committed construction loan and preferred equity partner.
• The project has more than 97% of the project bought out and pricing protected via a guaranteed maximum price construction contract.

In May 2025, Apartment Investment and Management Company (AIV) also purchased its development partner's interests in the first phase of development at Strathmore Square, indicating a consolidation of partner interests rather than new partnerships for that specific asset.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Cost Structure

You're looking at the cost side of Apartment Investment and Management Company (AIV) as they move toward a Plan of Sale and Liquidation, so the cost structure is heavily influenced by ongoing operations versus wind-down activities. Honestly, the numbers we have are heavily skewed toward Q3 2025 operational results and the immediate impact of asset sales.

Property operating expenses are a major component, covering the day-to-day running of the stabilized portfolio. For the third quarter of 2025, these expenses saw a year-over-year increase of 10.5%, which the company attributed primarily to the net impact of real estate tax assessments and appeals. This sharp rise in operating costs directly impacted the Stabilized Operating Property Net Operating Income (NOI), which fell (3.4%) year-over-year for the quarter.

The balance sheet carries significant debt obligations. While the specific interest expense for Q3 2025 isn't itemized here, the underlying debt load is a key cost driver. We know from estimates related to the remaining portfolio valuation that there is approximately $430 million of recourse debt outstanding.

The move to liquidate involves specific, non-recurring costs and the allocation of proceeds from sales, which effectively offsets future operating costs. The strategic review process itself engaged high-cost external advisors, namely Morgan Stanley & Co. LLC as the financial advisor and Wachtell, Lipton, Rosen & Katz as the legal advisor. Furthermore, the company has already allocated net proceeds from the Boston portfolio sale, with $335 million directed to leverage reduction.

The development pipeline represents future capital expenditure costs that are now being managed under the liquidation plan. The remaining portfolio includes three recently completed Class A development projects totaling 933 apartment homes, plus one fully-funded active development project currently in the construction phase. These projects will need to be completed or sold as part of the asset monetization strategy.

General and administrative (G&A) costs for corporate overhead remain a necessary expenditure to manage the company through the shareholder vote and subsequent asset sales, though these costs are expected to decrease as the platform winds down.

Here's a look at the key financial figures related to the cost structure and strategic actions as of late 2025:

Cost Component	Financial Metric/Value	Period/Context
Property Operating Expenses Change	10.5% Year-over-Year Increase	Q3 2025
Recourse Debt Level	Approximately $430 million	Estimated Base for Remaining Assets
Leverage Reduction from Boston Sale	$335 million of net proceeds allocated	Prior to Q3 2025 Announcement
Estimated Corporate Reserve from Asset Sales	Approximately $150 million	Withheld from total expected net proceeds
Active Development Units	One fully-funded project in construction	As of Q3 2025
Completed Development Units	933 apartment homes (3 projects)	Recently completed, pending stabilization

The costs associated with the strategic review and liquidation process are multifaceted, involving both professional fees and the establishment of reserves for the wind-down. The company estimates that the net proceeds from the sale of remaining assets, after accounting for liabilities and obligations, will result in estimated liquidating distributions to shareholders between $5.75 and $7.10 per share.

You should review the expected costs associated with the final sale of the Brickell Assemblage, which remains under contract to be sold for $520 million, with closing targeted for December 2025. This sale will directly influence the final amount set aside for corporate overhead and liquidation expenses.

• Stabilized Operating Property NOI: $11.6 million (Q3 2025)
• Stabilized Operating Revenue Increase: 1.2% (Q3 2025 YoY)
• New Lease Effective Rents Increase: 3.1% (Q3 2025)
• Renewal Effective Rents Increase: 5.6% (Q3 2025)
• Total Shares Repurchased Since 2022 Start: 14.5 million shares

Finance: draft 13-week cash view by Friday.

Apartment Investment and Management Company (AIV) - Canvas Business Model: Revenue Streams

Apartment Investment and Management Company (AIV) generates revenue primarily through ongoing property operations and significant, strategic asset dispositions as part of its value-unlocking process.

The core operational revenue stream is derived from its stabilized apartment portfolio.

• Rental income from Stabilized Operating Properties generated $35.4 million in revenue for the second quarter of 2025.
• Average monthly revenue per apartment home for these stabilized properties was $2,349 in Q2 2025.
• Average Daily Occupancy for the stabilized portfolio stood at 95.8% in Q2 2025.

A significant portion of recent financial activity relates to asset sales, which provide large, non-recurring cash inflows intended for shareholder distribution and leverage reduction.

The Trailing Twelve Months (TTM) Revenue as of late 2025 is reported at $0.19 Billion USD.

The company has been actively monetizing assets, including a major disposition in the Northeast market.

• Proceeds from asset sales include the $740 million agreement for the Boston apartment portfolio sale.
• Four properties from the Boston portfolio sold in September 2025 for $490 million.
• The final property in the Boston portfolio sold in October 2025 for $250 million.
• The company also remains under contract to sell its Brickell Assemblage in Miami for $520 million, with closing scheduled for the fourth quarter of 2025.
• Combined gross proceeds from the Boston and Brickell transactions are expected to total $1.26 billion.

Revenue from development projects entering stabilization also contributes to the overall stream, though these are often measured by projected Property Net Operating Income (NOI) until fully stabilized.

• Lease-up revenue potential is represented by three newly completed residential communities (933 homes) projected to deliver approximately $40 million of Property NOI when fully stabilized.
• These development projects also include 114,000 square feet of commercial space.

The following table summarizes key components of Apartment Investment and Management Company (AIV)'s revenue-related activities near the end of 2025.

Revenue Component	Metric/Amount	Period/Context
Stabilized Operating Revenue	$35.4 million	Q2 2025
TTM Revenue	$0.19 Billion USD	As of November 2025
Boston Portfolio Sale Value	$740 million	Agreement amount
Brickell Assemblage Sale Value	$520 million	Under contract amount
Projected NOI from Lease-Up Assets	$40 million	Upon stabilization
Commercial Space in New Developments	114,000 square feet	Part of development pipeline

The company's remaining stabilized portfolio post-sales is expected to generate approximately $90 million in annual Property NOI when three properties currently in lease-up are fully stabilized at year-end 2026.